Page
May 27, 1896.]
CHINA OVERLAND TRADE REPORT.
induce their friends to become members of the | JELEBU MINING AND TRADING CO. League. (Applause.)
Hon. Commander Hastings moved a vote of thanks to Mr. Francis and hoped the seed he had sown had not fallen on stony ground.
Hon. H. E. Pollock asked if there was a branch of the League at Shanghai or Singapore. The Chairman said one was about to be started at Shanghai, but there was not one in Singapore.
Hon, H.E. Pollock said this branch of the Navy League might press upon the neighbouring ports the necessity of establishing branches there. He was glad to hear a branch Was to be started at Shanghai and he ventured to suggest that the Committee of the Navy League here should communicate with the leading residents of Singapore and urge upon them the necessity of starting a Navy League branch.
The Chairman said that there were several members resident in Shanghai, Amoy, and Canton, and he was told by the Secretary that a branch was being started at Chinking. The head office had sent out papers to Chamber of Commerce in the East and also to the Straits Association and the China Associa- tion.
every
Mr. Francis remarked that there were many members belonging to Swatow and Amoy.
This concluded the meeting.
A. S. WAISON AND CO. LIMITED.
LIMITED.
The following is the report of the directors of this Company
Your directors submit a statement of the Company's accounts for the period from 19th August, 1895, to 13th February, 1896, being the second half of the seventh year of the Company's existence by the Chinese calendar.
The total number of mines at work in Jelebu on February 13th, 1896, was nine against nine- teen at the end of the last half year.
The labour force in Jelebu has decreased by 322 men, and is now 717.
The amount of ore and tin produced and delivered during the period under report was :-- 3,929 piculs ore against 3,404 piculs ore for the previous half year, and against 4,047 piculs ore and 176 piculs tin for the corresponding or last half of 1894.
The outstanding advances amounted on 13th February (after deducting $10,620 written off as bad and doubtful debts) to $19,935. The man- ager at Jelebu reports these advances to be safe.
After paying all charges, writing off the cost of prospecting, and making the usual allowances for depreciation of houses, plant, and furniture, there remains at the credit of profit and loss account the balance of $1,492.
Out of this balance your directors recommend the sum of $938 to be placed to the reserve fund to bring the total of the reserve fund to $10,000, The remaining balance of $554 is proposed to
The Company continues to work the remain- ing alluvial mines at Jelebu, and will do so as long as circumstances will permit. Nearly $30,000 have been spent during the existence of the Company on prospecting for new payable land; and it is considered that any further ex- penditure in this direction is inadvisable.
The eleventh annual ordinary general meet-be carried forward. ing of the shareholders in A. S. Watson & Co., Limited, was held on the 21st May, at noon, in the Board room at the Hongkong Dis. pensary. Mr. J. D. Humphreys presided, and there were also present-Messrs. A. H. Mancell (Secretary), H. Wicking, M. Bernheim, Hart Buck, T. Arnold, J. A. Jupp, W. Parlane, J. S. Hagan, E. K. Chandler, W. H. Potts. J. H. Garrels, E. W. Terry, D. W. Craddock, T. F. Hough, J. R. Michael, Captain F. Clarke.
The Company continues at Jelebu the work of testing the Rin lode, which has now been proved to a large depth. The twenty-five tons of lode-stuff, referred to in last report, have been forwarded to Europe for treatment, and it is hoped that the result, will be a favourable one. So far about $12,000 have been expended on the prospecting of this lode, which sum has been entirely written off. The outlay would have been considerably larger but for the fact that the pro- ceeds of a quantity of tin won during the opera- tions were credited to the prospecting account.
The CHAIRMAN said-Gentlemen, with your permission we will take the report and statement of accounts as read. There is very little to add to the report, as I think you will agree with me that it clearly shows you that your business is in a sound and healthy condition. With reference to the goodwill and trade marks, it has been the opinion of some of our shareholders that the book value should be written off, and although I personally did not share this opinion, The development of the Maliwun Concession yet I have much pleasure in yielding my views in Lower Burmah is being pushed on as steadily to those of others, the more so inasmuch as the as is possible, and it is hoped that the initial amount at which it stood, viz., a lakh of dollars, difficulties, which still are chiefly labour-supply did not adequately represent its full value. The and opium-smuggling, will be overcome soon. present time also seems to be in every way a Prospecting for further alluvial deposits, which suitable occasion for writing it off, as, with the was carried on during the half year. has so far dividend which we now advise, the Company not given favourable results; but, since the has returned to its shareholders since its regis-operations extended only to a small fraction of tration in 1886, a sum of $629,600 in dividends, the concession, it would be premature to arrive that is to say, $29,600 more than the amount of now at definite conclusions, and arrangements its present capital of $600,000. In connection have been made to have this work continued with this, it will further be remembered that with the least possible expense to the Company. the present capital is $220,000 more than the The Company is now also considering the ad- capital with which the Company was registered, visability of prospecting and eventually work- and that the reserve funds are much more than ing the various extensive reefs at Maliwaa. fully represented by the net value of your pro- From the extracts of the manager's letter, perties in land and buildings. I shall be pleased which will be found below, it will be seen that to answer any question.
the prospects of mining these lodes look very hopeful. Meanwhile, 665,190 have been spent on the concession, and that sum is taken in the accounts as a good asset.
There were no questions and the CHAIRMAN moved the adoption of the report and accounts.
Mr. WICKING seconded. Carried.
The director to retire. by rotation is the Hon. The CHAIRMAN proposed the re-election of Dr. Lim Boon Keng, who offers himself for Mr. F. Maitland as auditor.
reelection. The other, Mr, A. J. Gunn, retires from office, and offers himself for re-election.
Mr. ARNOLD seconded. Carried.
The CHAIRMAN-There is nothing more gentlemen, except to thank for
you
attend. your ance and to say that dividend warrants will be ready to-morrow.
Mr. WICKING-I have much pleasure in proposing a vote of thanks to the General Managers of the Company for their services.
Carried.
...
The N. C. Daily News of the 19th May says: -It is with very great regret that we have to announce that the long illness of Mrs. George Jamieson terminated yesterday in her death. No lady in Shanghai was better loved or more respected, or better deserved to be loved and respected; and the deepest sympathy is felt for the husband and children she has left.
J. P. JOAQUIM, Į Directors.
ARNOT REID, HUTTENBACH BROS & Co., General Agents.
The following is an extract from Mr. Money's latest letter from Maliwun, dated April 10th,
1896
449
"In fact," to quote from his reports, "if I re- collect rightly I wrote to you in December that I considered the deposit an extraordinary one. Now I put it stronger still and say it is a most extraordinary deposit, altogether beyond any- thing I have ever seen in my travels, nor have I ever heard of any miner or prospector meet- ing any thing so rich."
33
He quotes as having obtained nearly 14 lbs. of ore out of 1 cubic yard of unselected rook in one place and from another, the most unlikely he could see, from 2 cubic yards 14lbs. of ore.
BALANCE SHEET FOR THE HALF-YEAR ENDED 13TH FEBRUARY, 1596. LIABILITIES.
To capital 45,000 at $5 eacli To dividends unpaid To reserve fund
To unpaid charges and sundry creditors Balance of profit and loss
ASSETS.
Cost of houses, &c., from last account $3,987
Additions to property
Less sales of property .....
Less 25 per cent. written off Cost of house and godown furniture, trade utensils, plant, waterwaYB, and roads Additions
The work that we ought especially give our attention to just now, and which is Laving our attention, is the North Hill; if it proves to be anything like what we expect it to turn out, it will be a good thing, Mr. Adam, when he reported on this concession, examined the centre hill, Khow Muang, and said he had traced the line of reef from hill to hill. However, as far as could gather, he had not struck | what we call the North Hill. He, however, speaks of the Khow Muang or Centre Hill in the most glowing terms.
Less sales
$
225,000
870
9,062
5,696
1,492
$242,120
236 $4,223
472-
$3,751
937
2,813
$1,266
152
$4,419
100
$4,319
Less 15 per cent. written off
647
3,671
Cost of 25 bullocks and 8 carts Depreciation written off
$720
100
€20
Cost of ore bags from last account. Additions to stock
$362
345
$707
Depreciation written off.
401
307
Cost of stores in stock for sale to miners. Balance of advances to miners Less written off as doubtful
8,852
$22,550 $11,620
10,935
21,580
14
5,401
i
112,732
10,000!
5,000
Cost of buildings, plant, furniture, boats, carts, and bullocks, and ore bags
14,017
Cost of provisions, stores, opium,
and medicines for sale.
3,143
Cost of ore in stock
11.357
Balance of advances to miners 9,180
Working and prospecting expenses 19.479 Cash in manager's hand Sundry debtors.
-2,560
658
$65,701
Value of ore in stock on 13th February. Cash in hands of General Agents Cash in manager's hands at Jelebu Amounts on fixed deposit and balance of
current
Sundry debtors...
Maliwun concession account cost
of concession
Les sundry creditors
511 65,190
$242,120 PROFIT AND LOSS ACCOUNT FOR THE HALF-YEAR ENDED 13TH FEBRUARY, 1896. Balance from last account Less transfer to reserve fund
15,937 15,937
25 per cent. written off from buildings and
plant
15 per cent. written off from furniture and
trade utensils.....
Depreciation written off from ore bags. Depreciation written off from carts and
bullocks
Cost of prospecting
eneral charges at Jelebu General charges at Singapore, dirac-
Auditor's fees, stationery, printing,
Gtors' fees.
etc....
Agents' commission
937
647
400
100
3.109
4,143
$900
453 1,630
2,983
Amount written off from advances as doubtful. 11,620 Balance
1,492
Koyalty and profit on ore and tin... Profit on store and general business Eank interest......
$25,344
16,587
6,245
2,500
[Cents omitted.]
$25,344
;